THE chairman of the stock exchange council, Charles Lee Yeh-kwong, was yesterday elected unopposed to a third consecutive term. Mr Lee said the exchange would be facing a number of important issues over the next year, including the introduction of the automated trading and order matching system, which started a trial run yesterday. He said the other key developments were the introduction of short-selling next month, the trading of options on stocks next year and the establishment of a debt securities market. Later this month, the exchange is expected to announce the purchase of an automated system to handle the trading of stock options. The system will cost $100 million to $200 million. Mr Lee said the exchange had launched a study on a debt securities market and hoped to make recommendations in one to two months. With the territory rapidly emerging as a leading financial centre, Mr Lee said the exchange would carry out roadshows to educate international investors and fund managers about the market. ''I have been talking to a number of fund managers and with H shares, for example, they don't understand the regulatory framework we have put in place for their listing,'' he said. ''We also need to communicate the trading settlement system, regulatory framework and new products. There are still a lot of fund managers who haven't invested in Hong Kong yet.'' Also re-elected as first vice-chairman of the council was Chen Po-sum, while Fung Chi-kin became second vice-chairman. The other members of the executive committee include Edgar Cheng Wai-kin, who heads Worldwide Investments, exchange chief executive Paul Chow Man-yui and Hong Kong Securities Clearing Co chief executive Richard Heckinger. Mr Lee, a partner with law firm Woo Kwan Lee & Lo and a member of the Institute of Chartered Secretaries and Administrators, was first elected chairman of the council in January last year, succeeding Sir Quo-wei Lee. He has been a member of the council since 1988 and has sat on several committees, including the listing, disciplinary and nominating committees. He is also a director of Cheung Kong (Holdings), Hongkong Electric Holdings, Hopewell Holdings, Hutchison Whampoa and Sun Hung Kai Properties.